Estate planning for blended families, while at the surface may not appear to be that different, can have some particularly unique issues that need to be addressed.
For example, in some situations, you may have two sets of children that the parents want to take care of. When you have children from separate marriages, the primary concern is to know that the family you’ve built together is taken care of.
Estate planning for blended families can provide certainty that will ensure that your kids are not going to be left out in the cold.
As your estate planning attorney, John Diamantis is able to address any issues and provide certainty into the process for concerned parties. At our law firm, we love to help our clients get the most out of their unique situations to protect their assets.
One estate planning issue that we tend to address is regarding wills. If one spouse passes away, this may allow the surviving spouse left with the remaining assets to change the will at any time. This could create risks for family members. For example, after a spouse dies there is the potential for the surviving spouse to remove children from the will and prevent access to family assets.
Personal relationships change over time, people may end up dating again or plan to remarry. Also, they might end up starting a new family. Much of the estate planning we do revolves around keeping that original family unit financially intact. At the end of the day, estate planning for blended families is really about protecting the children.
Trust planning lends itself well to estate planning for blended families as there are many different ways to establish those trusts. Working with us, we can provide an estate plan that offers more protection so that under many circumstances your children will be taken care of.
For example, we could put a provision in there that addresses remarriage that requires spouses to get a valid prenuptial agreement to continue to have access to the principle of their marital trust. That can be really important. This protects against one spouse being able to just empty the piggy bank if they end up going their separate ways or if they end up starting a new family after the fact.
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From start to finish it’s about a two-month process and it all starts with just having a conversation. We always start by getting to know your family. We discuss what kind of assets we’re dealing with, what your balance sheet looks like, if there’s life insurance, and what your goals are. Then, together, we work through which strategies we might be able to use. We will discuss key elements needed to address those goals and ultimately want to achieve asset protection.
At the end of that meeting, we will be able to walk you through what’s the cost, what are the benefits, what’s the process and just really give you a lay of the land, and then from there if a strategy makes sense we will help them implement it. It typically takes about two months from start to finish.
At Heritage law, we are able to provide legal advice and employ estate planning strategies regarding:
We specialize in estate planning and understand that blended families can be complex and require careful consideration. No matter your situation, our goal is to establish and maintain meaningful communication as well as assist in protecting all your assets.
We work with our clients from start to finish for a very personalized experience, leaving you with peace of mind that assures you we will be here to help every step of the way.
We understand the many complex legal issues involved in estate planning for blended families
Are you Do you have a plan in place for what happens to your assets when you pass away? Do the people who will be responsible for taking care of any minor children know their roles and responsibilities during times of crisis?
If not, it’s time to meet with an estate planning attorney. Our attorneys can help put together an estate plan that provides unique solutions for blended families like yours.
For a free consultation please fill out our contact form. We do not charge for consultations and we would love to see how we can protect your family and your estate today!